Thread regarding California Resources Corporation layoffs

6 replies (most recent on top)

put a ceiling on the earnings then try increasing profits by reducing costs, you can see market's take on that in the share price

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Post ID: @Ilia+1bsmn5Ws

@Dlfk+1bsmn5Ws got it. So you are saying that CRC, a company operating in one of the most complicated regulatory and geological environments, a company with depleted reservoirs and an un-godly amount of P&A liability, will be saved by out-of-state electric generation executives pitching CCS as their savior? Can you elaborate?

I have an opposite view. I think executives with Oil and Gas pedigree (Oxy) have a very good understanding of the oil (or lack thereof) that CRC is holding. and they got out while they can leaving the employees and the shareholders holding nothing. They knew very well (along with the 6+ other EVP and VP's that have left CRC) that this company is a farce.

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Post ID: @Huul+1bsmn5Ws

The fact is that ALL of the past top management was from an oil company and they couldn’t run it correctly. We have a better chance with the new guys. A few of us are really hoping Mac replaces ALL top management and their direct reports. Do that, then we have a chance.

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Post ID: @Dlfk+1bsmn5Ws

To stop layoffs, CRC has to INCREASE production. --> INCREASE production <-- . CRC may have increased its production in 1 year of its 6 years life. it has never been able to increase production apart from that 1 fluke year.

oil production will keep dropping. That means less revenue. To cut the loss, CRC will cut the only thing it can control...which is letting people go. It can't control anything else.

Sticking with CRC is a career su----e. Oil is now at $70/bo. Companies are recruiting. This window won't last long. Half of the top management is from the electric utility space... and that too from out of state. That is what the world outside of CRC thinks of CRC. that folks from electric utility and from out of state can run this company better.

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Post ID: @1okz+1bsmn5Ws

I haven't heard anything and I hope it's not true. I'm stressed out enough as it is.

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Post ID: @1dyt+1bsmn5Ws

Somebody mentioned it, I'd like to know if it's true or not.

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Post ID: @zsn+1bsmn5Ws

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